In: Accounting
The Village of Hawksbill issued $4,200,000 in 5 percent general obligation, tax-supported bonds on July 1, 2016, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2017. Hawksbill has a calendar fiscal year.
Required:
a. Prepare journal entries to record the events above in
the debt service fund.
b. Prepare a Statement of Revenues, Expenditures,
and Changes in Fund Balance for the debt service fund for the year
ended December 31, 2016.
c. Prepare a Statement of Revenues, Expenditures,
and Changes in Fund Balance for the debt service fund for the year
ended December 31, 2017.
rev: 02_22_2019_QC_CS-159962